Wave Analysis:
Following the previous day’s gap up, the impulsive wave (c) retraced slightly to the lower side but could not go close below the short term key line 1.08649. As long as the pair remains above this line, we expect a possible bullish extension of the impulsive wave (c) towards 1.10 or even higher. A break below this line will push the price to the lower side towards the lower supportive trendline forming bottom of the rising channel. Trade this pair alongside GBPUSD, AUDUSD and NZDUSD. These pairs will have a similar price action during this intraday. Only buy or sell Euro if the other pairs are giving the same signal.
Trade Recommendations:
As long as the pair remains above 1.08649, expect a possible bullish price movements towards 1.10. A break below this line will mean we’re filling the previous day’s gap.
Origin: FreshForex
